Retirement: ‘Death tax’ on pensions to be cut

‘Death tax’ on pensions to be cutIn a surprise move, the Chancellor George Osborne, has announced a major overhaul in the tax treatment of pension death benefits. The announcement is the missing piece of the jigsaw following the dramatic changes announced in the Budget and the detailed rules revealed earlier in the summer. The change has taken the pension industry by surprise, with many experts suggesting it has the potential to revolutionise retirement planning for both older and y9ounger generations. Current pension 'death tax' rules Under the current rules the amount of tax paid ...

Savings: 5 accounts to get your cash working harder

5 accounts to get your cash working harderSavers have waited for over five years for interest rates to rise and there is no sign that they will start to move during the next few months. So we’ve scoured our best buy tables and come up with five accounts; ISAs, non-ISA and for children, which we really like and will get your savings work harder for you. Here they are, click on the name of the account for more information. Tax-free and instant access: Coventry Building Society ...

Protection: Only 25% of families are covered if the worst happens

Only 25% of families are protected if the worst happensThe number of parents who have adequate protection should they die or become seriously ill is falling to dangerously low levels. Parents with dependent children have a number of options to ensure their family can cope financially in the event of serious illness or death; these include Life Cover, Critical Illness Cover and Income Replacement, also known as Permanent Health Insurance of PHI. However the research from Scottish Widows shows that the number of adults protecting their family is falling: Only 24% of adults ...

About to be auto enrolled into a pension? 6 reasons you shouldn’t opt out

About to be auto enrolled into a pension? 6 reasons you shouldn’t opt outIf you work for a small business, which doesn’t already offer you a pension, it’s likely you will be automatically enrolled into a workplace pension over the next year or so. Automatic Enrolment is designed to get more people saving for retirement and there are signs that it’s working. You and your employer will make contributions; you will also be entitled to tax-relief, further boosting the amount paid in each month. Of course once you are enrolled you could ...